Bill, A Nikon D3100 has around 2,200 to 2,400 lph (which is pretty typical of that class of SLR), A Oly zx-1 has, 2,200 to 2,400 lph... humm resolution is actually the same... The best P&S resolution is the G10, in low ISO at just over 2,400 (but sucked at any high iso).
Now if every slr user was using a full frame, 20+ meg sensor, then 2,700 -2,800 is possible with the right lens, assuming one is not using anything above F8
In rough terms, F16, will degrade the image by (it is not uniform, and varies a bit from lens to lens, but over F5.6, around 1/3 of the resolution is gone. So even a Canon 5D, if F22 is used, cannot produce an image with better resolution than several lowly P & S's.
Note: Image degradation due to using higher F stops is a well known and very tested issue, and there is not solution for it.
But an image is more that just resolution. There is dynamic range, and a host of over visual effects.
Dynamic range for a good slr is typically about 2 stops better the best P & S's, but if bright sun is not a normal shooting condition, then that would not be a concern.
Depth of field, can make for great images, but again, how many underwater images are dependent on that? And a very narrow depth of field makes taking the image difficult.
10 years ago, there were no good point and shoot camera's, so everything you stated was true, but that has not been the case for several years now...and even after lots of testing, thousands of examples, the SLR crowd is still living in what they want to be true over what is true.
I happen to love photography, and have all my life. I have always owned SLR's and rangefinder cameras (and medium and large format camera's). There is a place for them, and in the underwater world, they are the only camera's that can really do quality wide angle images. One has to put so much glass between the image and the subject with a P & S, that at best, one will get about 1/2 the image quality.
But that shutter speed issue, well, here is an example of one:
This fish (either a spotted drum or jacknife, as no one seems to know which it grows into), is a very lethargic fish and very easy to take pictures of, but at this size they are one ADD fish, and it is difficult to even get an image on one.
If you go to the Reef Fish of Florida/Caribbean/Bahamas dvd, and look at all the images of the juveniles (which there are several of), every one shows some motion blur (usually the tail)...
Here is a 1/500th image
I guess it is too much to ask, but I wish that anyone using a camera do some homework, learn a bit about the technology and it's good and bad points and actually compare identical images, and then make judgements.
As I own a lot of camera's, I have and it is not what "common wisdom" has been telling everyone.
There are two good things about P&S camera's over interchangeable lens ones:
1. Depth of field at a given field of view and F stop. The SLR people would tell you they have better control of depth of field, and they would be correct, except that they need to, because they have so much less of it.
2. The second is a bit more obscure. All focal plane camera's maximum flash sync at something between 1/125 to 1/250th (that I know of). I believe the micro four thirds are 1/160th maximum (to lazy to go look, sorry). If you want to cut out ambient light, you just have to increase the F stop. But, depending on the lens, after around F8, the image will degrade. By F16, you still have a nice image, but from an absolute quality point of view (not an internet image) one is now something below a really good P&S. And if you let ambient light in (assuming one is shallow and in clear water), then you are limited to the stop action of that 1/160th (which is not that good for really fast moving thing).
An LX-5 can flash sync up to 1/4000... the new fuji and the Oly will 1/2000. It varies with the canon's but they are at least 1/500th. Truth is, they need that because they don't have large number F stops, and they don't have those because they would make really crappy images. But for fast moving, underwater animals, you can freeze things that cannot be frozen with a SLR.
But you typically only get that with the higher end models...
I am not quite sure what to make of some of this. DSLR cameras have big sensors and P&S cameras have little sensors. Image quality with big sensors is much better than with small sensors. While the DOF of a large sensor (at the same viewing parameters) is smaller than with a P&S there is no lack of DOF with a DSLR that can shoot at F22 compared to my P&S that can only shoot at f8. Besides, the reason that DSLR folks talk about DOF is that they can make the DOF shallow for creative reasons, something that can not be gotten by most P&S cameras.
As for freezing the motion of an underwater fish, the sync speed of the camera to the strobe is totally irrelevant if you do it correctly; only the duration of the flash is important. This is of course not true if the ambient light is so bright that any reasonable shutter speed will lead to overexposure but for most practical situations shooting at 1/250 of a second at f16 will lead to minimal ambient exposure and you can capture the speed of almost anything you want. I personally have never wished for a higher sync speed than 1/250 except in the case of shooting a sunball and wanting to get a black background but trying to do that with a P&S is even more absurd. To me the biggest advantage aside from size of a P&S system is that you can shoot both macro and WA on the same dive. The disadvantage is that the IQ of the images that you will get will not be as good as those gotten with DSLRs. Of course not as good might still be way more than good enough, YMMV.
Bill Dive often and safe